Baker Hughes (NASDAQ:BKR) Price Target Raised to $54.00 at Bank of America

Key Points

• Bank of America has raised its price target for Baker Hughes (NASDAQ:BKR) from $52.00 to $54.00, indicating a potential upside of 20.46% based on the stock's previous close.
• Multiple brokerages have reported similar price targets, with Jefferies Financial Group setting a target of $58.00 and Melius issuing a target of $60.00, while four analysts maintain a Hold rating.
• Insider trading shows substantial sales, with the executive vice president selling 25,000 shares worth $1.25 million, representing a significant decrease in their ownership position.

Baker Hughes (NASDAQ:BKR - Get Free Report) had its price target hoisted by equities research analysts at Bank of America from $52.00 to $54.00 in a report released on Tuesday,MarketScreener reports. The firm currently has a "buy" rating on the stock. Bank of America's target price suggests a potential upside of 20.46% from the stock's previous close.

A number of other brokerages have also recently issued reports on BKR. TD Cowen upped their price objective on shares of Baker Hughes from $52.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Jefferies Financial Group set a $58.00 price target on shares of Baker Hughes in a report on Wednesday, July 30th. Seaport Res Ptn lowered Baker Hughes from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 29th. The Goldman Sachs Group decreased their target price on Baker Hughes from $42.00 to $41.00 and set a "buy" rating for the company in a research note on Wednesday, July 2nd. Finally, Melius assumed coverage on Baker Hughes in a research report on Wednesday, August 20th. They issued a "buy" rating and a $60.00 price target on the stock. Twenty-two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $52.83.

Baker Hughes Trading Down 1.5%

Shares of NASDAQ BKR opened at $44.83 on Tuesday. The business has a 50 day simple moving average of $45.99 and a 200 day simple moving average of $41.35. Baker Hughes has a 52 week low of $33.60 and a 52 week high of $50.92. The stock has a market cap of $44.20 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 2.07 and a beta of 0.99. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its earnings results on Friday, November 18th. The company reported $0.16 earnings per share (EPS) for the quarter. The firm had revenue of $5.09 billion during the quarter. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. On average, research analysts predict that Baker Hughes will post 2.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Sreeganesh Ramaswamy sold 25,000 shares of the business's stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $50.00, for a total value of $1,250,000.00. Following the sale, the executive vice president owned 40,520 shares in the company, valued at approximately $2,026,000. The trade was a 38.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Rebecca L. Charlton sold 1,000 shares of the stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $50.00, for a total transaction of $50,000.00. Following the sale, the chief accounting officer owned 11,772 shares of the company's stock, valued at $588,600. This trade represents a 7.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 553,068 shares of company stock worth $24,712,651 over the last three months. 0.27% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Baker Hughes

Institutional investors have recently bought and sold shares of the business. Swedbank AB grew its holdings in shares of Baker Hughes by 0.8% during the third quarter. Swedbank AB now owns 783,709 shares of the company's stock worth $38,182,000 after purchasing an additional 6,448 shares during the last quarter. Net Worth Advisory Group acquired a new position in Baker Hughes during the 3rd quarter worth about $338,000. Farther Finance Advisors LLC grew its holdings in Baker Hughes by 20.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 9,644 shares of the company's stock worth $470,000 after acquiring an additional 1,648 shares during the last quarter. OFI Invest Asset Management acquired a new stake in Baker Hughes in the 3rd quarter valued at about $27,119,000. Finally, Brighton Jones LLC lifted its position in shares of Baker Hughes by 30.5% during the third quarter. Brighton Jones LLC now owns 7,748 shares of the company's stock worth $377,000 after purchasing an additional 1,811 shares in the last quarter. Institutional investors own 92.06% of the company's stock.

Baker Hughes Company Profile

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.

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